For today's young people, how can they have too much savings in their twenties and thirties, and it is basically impossible to buy a suite or a car in full, so whether they buy a car or a house, they usually use a loan, pay a down payment, and then repay the loan regularly. How do they get a car loan? Is there an extra charge for car loans?
Steps to buy a car with a loan
Buying a car by loan means that the lender borrows money from a financial institution to buy a car, but the financial institution requires the car buyer to pay a certain down payment and provide proof of repayment ability, and has no bad credit record and needs to meet the money. Generally speaking, the steps of buying a car with a loan are as follows: Step 1: Go to the 4S shop and take care of your car. Be careful not to mention that you bought a car with a mortgage, but that you have paid it off; Step 2: After the car is selected, the price is basically determined. It's best not to pay the deposit first, but to ask more questions. The costs of different companies vary greatly. Try to choose a big company with good reputation, otherwise once the guarantee company has problems in the later stage, it will be very annoying at first.
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2. Can I get a car loan if I can't get a credit card? It will be clear after reading it.
Nowadays, it is the first choice for many people to buy a car with a loan. Many of them applied for credit cards before applying for car loans, so they were worried that this would affect the approval of car loans. So, is this really the case? Let's analyze the relationship between handling credit cards and car loans.
In fact, car loans and credit cards are not directly related. Although car loans and credit cards may be applied in the same bank, we need to understand that car loans do not necessarily require credit cards, which means that car loans can be processed if credit cards are invalid. Whether to approve the loan depends on the applicant's credit information and repayment ability. However, considering that bank car loans also need to be checked for credit information, the reason why credit cards are rejected for this may also lead to the failure of car loans. 1 For example, personal credit, if the applicant has bad credit, overdue debts, or overdue for three times in two years, or overdue for six times in total, which does not meet the requirements of car loan for credit information, 90% will refuse the loan. Moreover, the number of hard inquiries such as loan approval and credit card approval for credit investigation is more than 5 times in 3 months and more than 3 times in 1 month, which is enough. 2. For example, repayment ability, car loan, the credit reporting department will count the total debt ratio of credit card loans recorded in the credit reporting, and judge the repayment ability of the applicant in combination with the income and assets of the applicant. If the total debt ratio exceeds 50%, it may be considered that the repayment ability is insufficient, which not only affects the approval of car loans. To sum up, if the credit card is rejected, it is recommended to inquire about the reasons for rejection and then apply for a car loan. If the credit is not good, it is recommended to keep it for a while. If the repayment ability is insufficient, you can borrow money together, or increase the down payment and provide financial proof. And the interest rate passed by the car loan will be relatively large.